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  • AGREEMENTS FOR EXCHANGE OF INFORMATION BETWEEN HONG KONG AND NORDICS ENTER INTO FORCE

    One consequence of the 2008-09 Global Financial Crisis was a new international consensus regarding the need to eliminate offshore tax evasion. While tax rates in Hong Kong are relatively low by northern European standards (income tax of 15% for individuals; 16.5% profits tax for corporations), this alone would not necessarily constitute an issue within the context of Hong Kong’s relationship with its international trading partners. The OECD did however point out, via its Global Forum on Transparency and Exchange of Information for Tax purposes, that there was a need to improve the mechanisms for exchange of tax information between Hong Kong and other countries. Failure to comply with the requirements of the Global Forum may ultimately lead to the international community pursuing different types of sanctions against the jurisdiction in question.

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